Question

What are the essential features of promissory note as per negotiable instrument act 1981 india?

Answer 1

The act of negotiable instrument is 1881 and not 1981.

The essential features of the 1881 act for the negotiable instrument are:

• Money

• Signature and writing

• Title

• Negotiability (which will depend on the transferee delivery

• Presumptions

• Notice

• Popularity

• Special procedure

• Evidence

In addition to this, the act is still not changed as is same from British colonial.